University Assignment: Economic and Financial History Analysis

This assignment solution delves into key aspects of economic and financial history. It begins by examining the structure of the labor market in the early Roman Empire, exploring skill levels, employment, and wage inequality. The solution defines crucial terms like 'mode of production,' 'relations of production,' and 'means of production' within a Marxist framework. It then analyzes the factors that contributed to the superiority of Eurasian societies, including their internal markets, monetary benefits, and foreign affairs. The document further explores the transition to capitalism in England and France, referencing the Black Plague's impact and the role of the French Revolution. The solution also discusses the views of Haa Joon Chang on free market policies, Robert Allen's perspective on the Industrial Revolution, and the Malthusian theory of population, providing a comprehensive overview of significant historical economic concepts and events.

Economic and
financial history

Introduction
The following discussion includes various questions to be answered and these questions
are based on economic and financial history. The economic and financial history is the study of
economies and events that were occurred in the past. Such events have given the major impact in
the society that has a great influence in current scenario as well.
Part 1
Q1- Structure of labour market in early Roman Empire
Skill levels employment compensation, wage inequality, Recentered Influence Function
enables an exploration on the primary factors that are likely to explain the differences in
generating personal labour earnings and, in the second step, a decomposition of the change in
wage inequality between 2005 and 2013 to evaluate how much of the overall gap is accounted
for by the endowments in employees’ individual characteristics (composition effect) rather than
the capability of labour markets to transform these characteristics into job opportunities and
earnings (wage structure).
Q2- Define the terms
1. Mode of production: Marxism states that everything that goes into the production of
necessities of life, including the productive forces and relations of production.
2. Relations of production: It is a kind of social structure that regulate the relation between
humans in the production of goods (Galdeo and et. Al., 2019).
3. Means of production: It includes physical and non financial inputs in terms of economic
values that are used in the production of goods and services.
Q3- Factors that made Eurasian societies superior Internal market: The internal market of the Eurasian societies are properly planned and
well developed. Monetary benefits: In comparing the monetary benefits of America and Oceanic
societies, Eurasian societies receive best monetary benefits because of its free market
strategy and adoption of laissez faire policy.
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 Foreign affairs: It has been suggested that the foreign relations of Eurasian societies are
much better than America and Oceanic societies due to its efficiency of leaders and
celebrities.
Q4-Transition to capitalism in England
A devastating global epidemic of bubonic plague which was struck between Europe and
Asia is called as Black plague. One of the theory that claims that Black plague played an
important role on the transition to capitalism in England. It is because the spread disease was
reflected as the scared one. It ends the population growth in Europe and it majorly gives the
scarcity of labour in the higher wages.
Q5-Transition to capitalism in France
The transition from feudalism to capitalism in France is reflected as an interpretation of
series in the history of French revolution. The role of French revolution include reformation of
the old stereotypes, new and prosperous knowledge of the old regime and a change in historical
thinking so that people look forward in constructing their lives and scenarios.
Part 2
Q1
According to Haa Joon Chang free market policies rarely develop higher income
countries because higher income countries can be only possible because of the structural
transformation that a country adopt and also various types of outlined capabilities that make
productive transformation of the country and its people possible. Free market or laissez faire
economy itself cannot be able to develop countries or make them at higher income level. One of
the main things that which helped the country to adopt is reduction of the poverty. It is very
important for a higher income country to reduce poverty at its best.
Q2
According to the Robert Allen science, religion and culture are some of the factors which
re quiet insufficient to explain about beginning of the Industrial revolution that happened in
England because the major reason that the event was taken place is deficiency in food and the
British population were receiving food at lesser prices (Fedina, Utenkov, and Gorshkov, 2020).
Q3
The Malthusian Theory of Population is the theory of exponential population and
arithmetic food supply growth. The theory was proposed by Thomas Robert Malthus. He
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believed that a balance between population growth and food supply can be established through
preventive and positive checks. Major elements of the Malthusian theory are food supply, check
on population, positive checks, preventive checks and so on. Malthus examined the relationship
between population growth and resources in one of his works. He then proposed the Malthusian
theory of population where he said that the population grows exponentially and the food supply
grows arithmetically and that a balance between the two can be established through positive and
preventive checks. Yes, even today Malthusian theory can be applied on any period of time
because of its success for the larger period.
Conclusion
The above discussion includes various questions and their answers.
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References
Fedina, E.N., Utenkov, G.N. and Gorshkov, E.A., 2020. ENSURING RUSSIA'S
ENERGY SECURITY: POLITICAL, MANAGERIAL AND TECHNOLOGICAL ASPECTS
IN THE CONTEXT OF THE FINANCIAL AND ECONOMIC CRISIS. Management
Issues/Voprosy Upravleniâ, 62(1).
Galdeo and et. Al., 2019. Financial performance and corporate social responsibility in the
banking sector of Bahrain: Can engagement moderate?. Management Science Letters, 9(10),
pp.1529-1542.
Cheng, Y., 2019, August. Study on the Relationship between Financial Development and
Economic Growth. In 1st International Symposium on Economic Development and Management
Innovation (EDMI 2019). Atlantis Press.
Gunn, R., 2019. The Decline of Authority: Public Economic Policy and Political
Development in New York State, 1800-1860. Cornell University Press.
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